The Doctors Company has completed its acquisition of FPIC Insurance Group, Inc. FPIC, based in Jacksonville, Fla., is the parent company of First Professionals Insurance Company, Inc.; Advocate, MD; Intermed; and Anesthesiologists Professional Assurance Co. Through its subsidiaries, FPIC offers medical professional liability insurance to over 18,000 physicians, dentists, and other healthcare providers in Florida, Texas, Georgia, and Arkansas. It has an A- rating by A.M. Best Co. and an A- rating from Fitch Ratings.
FPCI shareholders approved the deal in August.
In connection with the closing of the transaction, FPIC’s common stock is being deregistered with the Securities and Exchange Commission and delisted with NASDAQ, and public trading of FPIC securities will cease at the close of market today. FPIC will function as a wholly owned subsidiary of The Doctors Company, and its operations are being integrated with the company’s existing operations. The company will maintain FPIC’s offices, including its Jacksonville headquarters, and Advocate, MD’s office in Austin, Texas.
Founded by doctors for doctors in 1976, The Doctors Company provides physician and surgeon medical liability insurance to 71,000 members. It has $4 billion in assets and an A rating from both A.M. Best and Fitch.